#MortgageReleaseDeed
#Release of Lien on an Apartment, House, or Land at @MALHITv Bank
Many people resort to bank loans to finance their dream apartment, house, or land intended for residential or commercial use. To facilitate this loan, banks impose two agreements on the borrower: a financial agreement between the bank and the borrower, specifying the loan terms, such as the interest rate, repayment period, number of months, and monthly payments; and a second agreement, a mortgage on the property registered with the Land Registry, to ensure the borrower guarantees repayment and prevents the sale of the property until the loan, including interest, is fully repaid to the bank.
Once the loan, including interest, is fully repaid to the bank, the borrower fulfills their obligations. They then need only request a release of lien on the property and the cancellation of the mortgage. In practice, the notary or the person who drafted the loan agreement handles the release of the lien on the property. Thus, the notary goes to the bank and requests a document to release the mortgage on the property after it is signed by the bank's representatives. After that, it is registered with the tax authority for a fee not exceeding 500 dirhams. Then, he takes a copy of it after registration and sends it to the land registry to cancel the mortgage registered on the property and release it from restrictions. After that, a certificate of ownership free of mortgage is issued and delivered to the owner.